Monday, Sep 24, 2007
KUALA LUMPUR (Dow Jones)--Malaysian conglomerate MMC Corp. Bhd. and Dubai World have agreed to explore opportunities to jointly develop a maritime centre in the southern state of Johor worth MYR16 billion.
In a filing with the stock exchange Monday, MMC said the center may comprise of oil terminal activities, drydocks, a shipyard, conventional cargo handling facilities and logistic parks.
It may also include property development in South Johor, including at MMC's 2,255 acres of landbank located at Tanjung Bin, Johor,
MMC said that a memorandum of understanding it has signed with Dubai World - the Dubai government's holding company - will enable it to leverage on its expertise and experience.
This will help it further develop the hinterland in South Johor, where MMC's port subsidiaries, Pelabuhan Tanjung Pelepas Sdn Bhd and Johor Port Bhd, are located.
MMC said the estimated gross development value for the Petroleum & Maritime Industrial Zone is estimated at MYR9 billion, while that for the ports and logistics, drydocks, shipyard and associated property development is MYR7 billion.
It added that the development is expected to commence towards the latter part of 2007, and that the projects are expected to become operational in the second half of 2010.
- By Elffie Chew, Dow Jones Newswires; (603) 2692 5254; elffie.chew@dowjones.com
(END) Dow Jones Newswires
24-09-07 1104GMT
